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Value-Adding Home Improvements To Invest In During 2022

Home improvement extension building work shutterstock_570104224

Extensions, loft conversions, new kitchens or bathrooms, real wood flooring and a designated work from home (WFH) space have been revealed among the value-adding property features to invest in right now, according to new research.

A recent study, conducted by Flooring Superstore, analysed live Rightmove listings and collaborated with property experts to unveil which home improvements have the potential to add the most value to a property.

The research suggested that real wood floors and underfloor heating were most likely to have a positive impact on property prices in London, Manchester, Liverpool, Birmingham, and Leeds.

According to the industry experts, homeowners should look to invest in improvements that add to overall footprint of property – such as creating extensions – or home improvements that modernise, improve the general condition of a home, or add interest – such as creating a dedicated work from home space, installing underfloor heating, or restoring original features.

The value-adding home improvements included:

  • Loft conversions / extension
  • Well-maintained garden
  • New bathroom
  • New kitchen
  • Driveway
  • New windows and doors
  • Restoring original features
  • Open plan living
  • Designated WFH space
  • Underfloor heating
  • Real wood floors
  • Artificial grass in garden
  • Balcony
  • Real grass in garden
  • Approved planning permission
  • Smart home wiring
  • Having a bath in bathroom (not just shower)

Creating a loft conversion or extension was the most likely improvement that significantly adds value. A well-maintained garden, new bathroom, new kitchen, and driveway made up the top five places, all with the potential to add significant value.

New windows and doors, restoring original features, open plan living, having a designated WFH space, and underfloor heating made it into the top 10. Similarly, real wood floors, artificial grass in garden, balcony, real grass in garden, approved planning permission, smart home wiring, and having a bath in bathroom (not just shower) were other aspects that were likely to add some value.

The average potential percentage increase per home improvement revealed the following:

RANKHOME IMPROVEMENTPOTENTIAL IMPACT ON PROPERTY VALUEESTIMATED PERCENTAGE INCREASE
1Loft conversions / extensionSignificantly adds value+17.5%
2Well-maintained gardenSignificantly adds value+12.5%
=3New bathroomSignificantly adds value+10%
=3New kitchenSignificantly adds value+10%
=3DrivewaysSignificantly adds value+10%
6New windows and doorsAdds value+8.8%
=7Restoring original featuresAdds value+7.5%
=7Open plan livingAdds value+7.5%
9Designated WFH spaceAdds value+7.25%
10Underfloor heatingAdds value+5%
11Real wood floorsAdds value+4.5%
=12Artificial grass in gardenAdds value+3.5%
=12BalconyAdds value+3.5%
=12Real grass in gardenAdds value+3.5%
=15Approved planning permissionAdds value+2.5%
=15Smart home wiringAdds value+2.5%
17Bath in bathroom (not just shower)Adds value+2%
=18Working fireplaceNeither adds nor damages0%
=18Outstanding planning permissionNeither adds nor damages  / Potentially damage value0%
=18Solar panelsNeither adds nor damages  / Potentially damage value0%

While having a bath within the main bathroom – not just a shower – had minimal impact on the property’s value, this could sway a sale if in line with the personal preferences of the prospective buyers. Expert Kev Tilley said: “In recent years there’s been a trend for wet rooms and shower-only bathrooms and as a result many homeowners have opted to remove their baths completely. While you may like this new look, many prospective buyers may be put off your property as a result.”

When it comes to which installations homeowners should look to invest in in 2022 to add value to their property, expert Paul Gibbens suggested: “Landscaping outdoor space, creating extensions where possible, and making the house cosy as more people spend time at home.”

Paul added: “Home offices are becoming more and more popular, if the current situation continues and people are told to work from home more often it could increase the value of your home if designed correctly. Games rooms, indoor gyms, and even small cinema areas may also work well as many people tend to spend more time at home.”

Darryl Money, Buyer at Flooring Superstore, said: “Our research suggests there are plenty of opportunities for homeowners to add tangible value to their properties. Real wood flooring has the potential to add up to 5 per cent to a sale price in some areas. We recognise the value of real wood flooring, which is why we have the Direct Wood Flooring brand and team of experts to advise on grades, shades, grains, trends and much more.

"However, if real wood is out of your budget or not practical for your lifestyle, then you can still get the premium look for less with our vinyl or EvoCore alternatives. Waterproof and scratch resistant, EvoCore is an extremely versatile range; suitable for all areas of the home. Practical, hard-wearing and easy to maintain it’s great for busy family homes too.

“For most of the top value-adding features in a home that our research revealed, flooring is an important consideration. For example, whether you’re getting an extension, or a new kitchen or bathroom, you need to consider functionality and style when it comes to the flooring type. On trend designs such as the popular parquet and herringbone layout are not only eye-catching and stylish, but instantly associated with luxury. And if wood flooring for these popular layouts is out of your budget or you don’t want the upkeep, then you can find some cost-effective and low maintenance options in laminate, vinyl and EvoCore.

"Likewise, if you want to invest in underfloor heating, speak to a flooring expert for advice on the best flooring option. For example, solid wood flooring can expand and contract due to fluctuating temperatures, so you’d be better off with an alternative like EvoCore.”

Source : Flooring Superstore

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16 March 2022

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